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China Says Growth Top Priority

Newspaper says bank branches are being told to increase loans to local government.

By Bloomberg News | Updated on July 31, 2012

China’s leaders pledged to keep adjusting policies to ensure stable economic growth this year as a state newspaper said some banks are telling branches to boost local-government loans.

“The ongoing pace of economic growth is within expectations, but the external environment remains grim and poses difficulties and challenges to growth,” the official Xinhua News Agency reported today, citing a meeting of the Communist Party’s Politburo. The meeting also determined that maintaining stable growth is still the top priority, Xinhua reported.

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